Survey reveals potential issue

Socrat

Hi,
this is a bit of a tricky one.
The home buyers survey has flagged up a few things that will need fixed either immediately but are minor, or slightly more expensive ones in the next 6-12 months. I was happy to proceed without any price adjustment, however, the survey has also identified a potential very serious problem and advised for a further test to be done before proceeding.
We have now asked the seller to cover the cost of this test (not a huge expense) but I am fairly certain they will refuse. The next step is to offer to split the cost. If they refuse this as well and we proceed without the test, I could potentially have a future repair in line for an excess of £12,000.

So the question is, if they refuse the test altogether, am I in position to try to reduce the price by the whole amount of potential work, given that it's just "potential" work and according to the surveyor, the risk of it being needed is low (though he recommends it being checked before purchasing).
thank you.

elsien

They're unlikely to drop the price without evidence. Or pay for it - there's no benefit to them in doing so.. And if they paid they would choose the person to do it - you need to have confidence that any test results are independent.
If you want the house and the test doing then it's down to you to pay for it. Standard practice.

Socrat

Thank you.
Would they be duty bound to disclose these issues to any potential new buyers?

AdrianC

What has the valuation said about the agreed purchase price?

If it's said that's appropriate, then that's taking account of the issues flagged.

What "test" and "potential very serious problem" are we talking about, anyway? Is the surveyor just covering his backside? Have you had a specialist opinion on top of the (cursory) HBR?

And, no, the vendor is not duty-bound to convey anything to anybody. Caveat emptor. Do your own research before buying. For all the vendor knows, your surveyor may well be imagining things or over-egging the pudding completely. You yourself admit the risk of this actually being a real problem is low.

kim81

Depends how much you want the house and how quickly they need to sell it.

I think your approach is right though. Ask them to take it off the asking price, then to split it.

If they refuse both of those then you need to decide how much you want the house. £12k seems like a lot, but if you are going to have the house for 25 years, its £40 a month.

We had a similar thing when we bought ours.

Socrat

Adrian, valuation came back equal to offer.
It's infill.
Yes, I have spoken to specialists, some touting for work, some not. The one who wasn't advised on the test if I was planning to put the property back on the market in the next few years as the future buyer's lender might then request it...
The problem is known in the area so it is possible that the vendor is already aware of the potential issue.
The surveyor couldn't find any damage but also advised that, due to all the floors being covered (the whole property recarpeted just before sale), he was not able to inspect them.

Kim, thank you. How did you resolve yours?

AdrianC

Socrat wrote: »

Adrian, valuation came back equal to offer.

There y'go, then. The surveyor thinks you're paying a fair price even taking that into account.

If I was the vendor, I'd be handing the report straight back to you with my finger on that bit.

Socrat

Thanks for your input, Adrian.

G_M

Socrat wrote: »

.....
It's infill.

If it was me I'd want to know a lot more abut the issue and risk, and about the test. Then I'd make my decision.

But I suspect you do know much more than that but have just not shared it with us.

But if you want advice, you need to give us the facts!

Socrat

If it was me I'd want to know a lot more abut the issue and risk, and about the test. Then I'd make my decision.

But I suspect you do know much more than that but have just not shared it with us.

But if you want advice, you need to give us the facts!

Yes, I have done my research and know about the potential issue and the test but this wasn't the point of the post, hence I didn't feel it was relevant to write an essay about it.

The reason for the post was to seek people's opinion on whether you can renegotiate the price under these circumstances, where there is a potential risk but vendor refuses to get a definite answer.

AdrianC

You can always ask. You don't need any reason or justification.
The vendor can always refuse. No matter how strong your justification.
Then it's up to you to decide whether to walk away or not...